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《大行報告》中金:宏觀不確定性壓抑內銀估值 下調工行(01398.HK)目標價至5.14元
阿思達克 09-01 14:22
中金發表報告指,工商銀行(01398.HK)上半年業績基本符合預期,盈利增速總體保持穩健。 報告指,上半年公司淨息差2.03%,較第一季和去年同期分別下降7和9基點,其中生息資產收益率按年升3基點至3.59%,主要由於同業資產收益率提升31基點至1.69%;付息負債成本率較去年同期上升11基點,主要由於對公存款成本上升、個人存款定期化。 中金分別下調對工行今明兩年純利預測1.1%和3.5%,至3,656億和3,832億元人民幣,主要由於淨息差與信用成本預測下調。考慮宏觀經濟不確定性壓制銀行估值,下調 H股目標價26.1%至5.14港元,維持「跑贏行業」評級。
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